Real Estate

Whether you are purchasing or selling a home or cottage or you are engaged in commercial real estate or complex land assemblies or development, McGillen Keay Cooper is able to provide you with the timely and cost effective counsel to complete your transaction and mitigate your risk.

Estate Planning & Administration

The lawyers at McGillen Keay Cooper have access to comprehensive resources in order to assist you with the complexities of administering an estate. The lawyers at McGillen Keay Cooper will help you do the following:

McGillen Keay Cooper can assist with the following:

Initial intake meeting to collect information and provide advice

Review of Last Will & Testament with Executor

Prepare application for Certificate of Appointment of Estate Trustee (often referred to as “Probate”)

Organization and payment of Estate debts

Assist with the preparation of the terminal tax return

Preparation of Executor’s Accounts

Assist with the advance/disbursement of Estate assets and the drafting of Releases.

Land Transfer Tax

Purchasers of real estate in Ontario are subject to a Provincial Land Transfer Tax.

The amount of tax is a function of how expensive the real estate that your are purchasing is.

Ontario Land Transfer Tax

Purchase Price of Home

Marginal Tax Rate

First $55,000

0.5%

On $55,000 to $250,000

1.0%

On $250,000 to $400,000

1.5%

Over $400,000

2.0%

Ontario first-time homebuyer land transfer tax rebate

The Ontario land transfer tax rebate is equal to the full value of the land transfer tax up to a maximum of $2,000

Eligibility

The buyer must be older than 18 years

The buyer must occupy the home within nine months of purchase

The buyer cannot have owned a home anywhere in the world

The buyer's spouse cannot have owned a home while being your spouse

If you are purchasing a new home, it must be eligible for home warranty

Based on Ontario land transfer tax rates, the rebate will cover the fully taxed amount on houses up to $227,500. For houses over $227,500, homebuyers will receive the maximum $2,000 rebate. To obtain this refund, you need to apply within 18 months after the purchase of the home.

Toronto land transfer tax

If purchasing a home in Toronto, there is an additional municipal land transfer tax. Toronto's land transfer tax applies within the following boundaries: Steeles Avenue as the North border, Etobicoke as the West border, Scarborough as the East border, and Lake Ontario as the South border.

Purchase Price of Home

Marginal Tax Rate

First $55,000

0.5%

On $55,000 to $400,000

1.0%

Over $400,000

2.0%

Toronto first-time homebuyer land transfer tax rebate

First-time homebuyers in Toronto of new and resale homes are eligible to receive a refund up to a maximum of $3,725.

Eligibility

The buyer must be older than 18 years

The buyer must occupy the home within nine months of purchase

The buyer cannot have owned a home anywhere in the world

The buyer's spouse cannot have owned a home while being your spouse

If you are purchasing a new home, it must be eligible for home warranty

The Ontario land transfer tax rebate is equal to the full value of the land transfer tax up to a maximum of $2,000